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ACQUISITIONS | 3 Months Ended
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Mar. 31, 2019
Acquisitions [Abstract] |
Acquisitions |
(5) | ACQUISITIONS
On March 29, 2019, the Company purchased three inland tank barges from a leasing company for $2,970,000 in cash. The Company had been leasing the barges prior to the purchase. On March 14, 2019, the Company completed the acquisition of the marine transportation fleet of Cenac Marine Services, LLC (“Cenac”) for $244,500,000 in cash. Cenac’s fleet consisted of 63 inland 30,000 barrel tank barges with approximately 1,833,000 barrels of capacity, 34 inland towboats and two offshore tugboats. Cenac transported petrochemicals, refined products and black oil, including crude oil, residual fuels, feedstocks and lubricants on the lower Mississippi River, its tributaries, and the Gulf Intracoastal Waterway for major oil companies and refiners. The average age of the inland tank barges was approximately five years and the inland towboats had an average age of approximately seven years. The Company considers Cenac to be a natural extension of the current marine transportation segment, expanding the capabilities of the Company’s inland based marine transportation business and lowering the average age of its inland tank barge and towboat fleet. The fair values of the assets acquired and liabilities assumed recorded at the acquisition date were as follows (in thousands):
Assets: |  |  |
Prepaid expenses |  | $ | 1,138 |
Property and equipment |  |  | 246,802 |
Other intangibles |  |  | 260 |
Total assets |  | $ | 248,200 |
Other long-term liabilities |  |  | 3,700 |
Net assets acquired |  | $ | 244,500 |
The Company acquired intangible assets with an amortization period of two years and incurred long-term intangible liabilities related to unfavorable contracts with a weighted average amortization period of approximately 1.2 years. The fair values have not been finalized and are provisional, pending completion of the tangible and intangible valuation studies. As additional information becomes known concerning the assets acquired, the Company may make adjustments to the fair value of assets acquired and liabilities assumed for up to one year following the acquisition date. Acquisition related costs of $247,000, consisting primarily of legal and other professional fees, were expensed as incurred to selling, general and administrative expense in the 2019 first quarter. Pro forma results of the acquisitions made in the 2019 first three months have not been presented as the pro forma revenues and net earnings attributable to Kirby would not be materially different from the Company’s actual results.

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